Fuel

Gasoline Prices Push Higher

The national average gasoline price is rising due to low crude oil demand and the upcoming refinery maintenance season.

Photo by Vince Taroc.

The national average price of regular-unleaded jumped 8 cents to $2.39 per gallon, even as most states continue to sell gasoline at less than $2.50 per gallon, according to AAA. Fuel costs are a fleet's top operating expense.

Lower-priced gasoline in most of the country has been driven by cheaper crude-oil prices. The national average for the week ending Feb. 25 is 12 cents higher than a month ago and 12 cents lower than a year ago. Severe weather along the East Coast and in the Midwest has held demand in check. Pump prices are climbing around the country as refineries gear up for spring gasoline production and maintenance season, said Jeanette Casselano, AAA spokesperson.

"On average, gas prices this year are 11% cheaper than the first two months of 2018 in part due to mostly cheaper crude oil prices so far this year," Casselano said. "Even though pump prices are on the rise, the increase has been countered by mostly decreasing demand."

Fuel

Propane may be a viable option for certain fleets looking for an alternative fuel source. While converting a vehicle to a propane system comes with a high initial cost, the system may come with reduced lifecycle costs over the course of that vehicle's life.

The national average gasoline price fell 3 cents to $2.86 for the week ending May 13, which represents the first significant decline since earlier this year, when a succession of price increases added about 60 cents to the per-gallon price.

Wex Inc. reported revenue growth for the first quarter that beat projections from analysts and increased 8% to $381.9 million compared to a year earlier, the Portland, Maine-based fuel card and data provider announced.

Regular unleaded increased 1 cent to $2.84 as the nation's gasoline prices plateaued after several months of increasing prices due to the shift to higher-cost summer-blend gasoline and more unplanned refinery maintenance, especially on the West Coast.